Check my work 1 Rundle Manufacturing Company experienced the following accounting events during its first year of operation. With the exception of the adjusting entries for depreciation, assume that all transactions are cash transactions and that financial statement data are prepared in accordance with GAAP. 00:56.29 Skipped 1. Acquired $57,000 cash by issuing common stock. 2. Paid $7,300 for the materials used to make its products, all of which were started and completed during the year. 3. Paid salaries of $3,500 to selling and administrative employees. 4. Paid wages of $6,600 to production workers. 5. Paid $4,000 for furniture used in selling and administrative offices. The furniture was acquired on January 1. It had a $1,400 estimated salvage value and a two-year useful life. 6. Paid $11,600 for manufacturing equipment. The equipment was acquired on January 1. It had a $1100 estimated salvage value and a three-year useful life. 7. Sold Inventory to customers for $25,300 that had cost $13,600 to make. eBook Print References Required How these events would affect the balance sheet and income statement by recording them in a horizontal financial statements model as indicated here. The first event is recorded as an example. (Enter decreases to account balances with a minus sign.) Income Statement Event No. Balance Sheet Assets Manut Office Inventory Equip Furn. + . Ret. Ear. Rev. Exp Netine Equity Common stock 57,000 - . Cash - 1 + 57.000 2 - + . + Prex 1 of 20 Next > ME GE HUM Help Save & Exl Check Required How these events would affect the balance sheet and income statement by recording them in a horizontal financial statements as indicated here. The first event is recorded as an example. (Enter decreases to account balances with a minus sign.) Balance Sheet Event No. Income Statement Assets Cash + Inventory + Manuf. Equip. 57,000 + + Office Furn. Equity Common stock 57,000 + + Ret. Ear. Rev. Exp. Net Inc. 1 + + 11 2 + + + + 3 + 4 5a 5b + 6b ++ 7a ### + + 7b Total 57,000+ 0 0 + 0 = 57,000+ 0 0 0 = Prey 1 of 20 Next >